In October 2015, value investor Li Lu spoke to students at Peking University’s Guanghua School of Management on the prospects for value investing in China. He is the founder of Himalaya Capital, which manages a fund that focuses on public securities and privately held companies in both Asia and North America. Berkshire Hathaway vice-chairman Charlie Munger is an investor in his fund.
The wide-ranging speech covered four main topics:
- A look at the unique aspects of the financial services / asset management industry
- Which financial assets can grow in a sustainable, effective, safe and dependable manner?
- How does one become an “exceptional” investor?
- Can value investing be practiced in China?
Until recently, transcripts of the speech were only available in Mandarin but my friend Graham Rhodes from Hong Kong has now published an excellent, comprehensive translation into English (see the embedded file below). It’s a long read at ~40 pages but contains lots of great insights.